Bitcoin Price Reclaims $48K But Can Bulls Pump BTC To $50K?

Bitcoin price climbed higher above the $48,000 resistance.

BTC tested $48,800 and is currently showing signs of a downside correction.

Bitcoin price climbed higher above the $46,500 and $48,000 resistance levels.

The price is trading above $47,500 and the 100 hourly Simple moving average.

There is a key bullish trend line forming with support at $48,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could continue to move up unless there is a close below the $48,000 support.

Bitcoin Price Turns Green Bitcoin price started a major increase above the $45,500 resistance zone.

BTC cleared a few hurdles near the $46,000 and $47,200 levels to move further into a positive zone.

The bulls gained strength and were able to pump the price above the $48,000 resistance.

It tested the $48,800 zone.

A new multi-week high was formed near $48,775 and the price is now consolidating gains.

There was a minor decline below the $48,500 level.

The price dipped below the 23.6% Fib retracement level of the recent wave from the $46,602 swing low to the $48,775 high.

Bitcoin price is now trading above $47,500 and the 100 hourly Simple moving average.

There is also a key bullish trend line forming with support at $48,000 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $48,500 level.

The next key resistance could be $48,800, above which the price could start another decent increase.

Source: BTCUSD on TradingView.com The next stop for the bulls may perhaps be $49,250.

A clear move above the $49,250 resistance could send the price toward the $49,800 resistance.

The next resistance could be near the $50,000 level.

Downside Correction In BTC? If Bitcoin fails to rise above the $48,800 resistance zone, it could start a downside correction.

Immediate support on the downside is near the $48,000 level or the trend line.

The first major support is $47,650 and the 50% Fib retracement level of the recent wave from the $46,602 swing low to the $48,775 high.

If there is a close below $47,650, the price could gain bearish momentum.

In the stated case, the price could dive toward the $46,500 support.

Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.

Major Support Levels – $48,000, followed by $47,650.

Major Resistance Levels – $48,500, $48,800, and $50,000….

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